Posted on: 22-07-04 02:22:11
Insurance is a really hot topic these days. I passed my G2 in 2003 and I got my insurance and was insured for a whole year, my monthly premium being $ 312 (full coverage with ING insurance). My premium is high because iam just 20 years old. This year I got my policy up for renewal. They increased my rated by 110 % even though i have a clean record. They increased my monthly premium to $627 (full coverage). This is nuts.
I shopped around for insurance and called each and every insurance agent/broker listed in the Yellow Pages. Each and every broker gave me rates close to 650 dollars for full coverage.
Then i started calling the banks and noticed that banks offer cheaper insurance.
The cheapest insurance i got is $ 400 for full coverage with TD Canada Trust bank.
I guess they are the cheapest in the market right now.
So any of you whose insurance policy comes up for renewal, or are under 25 years of age, go with TD Canada Trust insurance since they are the cheapest right now.
Hope this information is useful.
You can reduce your premium by just cover up your car
-third party and fire and theft if your car is not much costly.
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Kap
Quote:
Orginally posted by Kap
You can reduce your premium by just cover up your car
-third party and fire and theft if your car is not much costly.
Thats something new!! u mean if u dont cover fire n theft.. u will get cheaper!!!
good idea!!!
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Special Requests: Please call me after 5:30 because I am self-employed and my employer does not know I am looking for another job
Instead of full coverage, you can just issured third party +fire +theft.!
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Kap
I was just thinking of 3rd party coverage and i found out about this. 3rd party coverage will not pay for the car if the accident is at fault. Driving in the GTA is getting really hectic day by day and no one can tell when an accident will occur. If the accident is at-fault, then then insurance company will not pay for the car. It will only pay for the car if ur not at fault.
If u are 50 % at fault in the accident, then the insurance company will only pay 50 % of the market value of the car.
I always think it is wise to take full coverage, and since my car is pretty new, i opted for full coverage.
One more wise thing to do is take the Loss of Use on ur insurance.
Loss of Use is when u have an accident, the car goes for repairs or is a write off, then u can take a rental car and the insurance company will pay for the rental and NOT YOU.
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If u are 50 % at fault in the accident, then the insurance company will only pay 50 % of the market value of the car.
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Just to correct you here,
Insurance company will pay 50% of the Book value of the car and not the market value and Book Value is always lot lesser than the market value.
Thx and rgds,
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Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)
Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto
Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK
Oh i see..
I just wanted to know what book value actually is??
Thanks.
